The trend for a strong and stable market across The Western Region continued into August 2019 with sales and new listings up year over year.

 

 

Looking back to January 2018 when Canada’s banking regulator (in an effort to cool hot markets across the country) implemented a stress test to make it more difficult to qualify for a mortgage, the overall result was “successful” and home sales slumped in numerous markets. Since then, it appears that many Buyers have adapted to the mortgage rules, and along with continued demand for housing in the Western Region, and most Sellers understanding the importance of setting the right list price, residential sales in the Western Region jumped an impressive 22.0 % year over year with 216 sales reported this August over 177 for the same period last year. On a year-to-date basis, home sales in the Western Region numbered 1357, up 8.2 % over August 2018. New listings totaled 337 at the end of August 2019 vs 287 in August 2018 boasting a 17.4% increase year over year. Active listings were up 23.3% over last August with 841 properties available vs 682 August 2018. Likely due in part to affordability restraints and more properties available, the average sale price for a residential property was $531,932, up marginally 0.7% year over year. The Sales to New Listings Ratio for August 2019, was 64.1 up slightly from 61.7 last August, indicating a strong Seller’s market but with a much calmer level of activity. The fall market is poised for more of the same however the shortage of affordable housing continues to be the challenge for many.

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